The Weekly

The Weekly by CapitalNetwork delivers a recap of the latest news in Southeast Asia's private equity, venture capital, and M&A markets. Join us to make sure you don’t miss our next briefing.

M&A Deals

• Tencent-backed payments platform Airwallex has signed agreements to acquire CTIN Pay, a licensed payment service company in Vietnam, expanding Airwallex's presence in APAC markets. The acquisition aims to help Vietnamese merchants expand overseas while enabling international businesses to enter Vietnam, with Ershad Ahamed appointed as Head of Southeast Asia to accelerate regional growth. Airwallex, founded in Melbourne in 2015 and now headquartered in Singapore, has exceeded $600 million in annualized revenue and $130 billion in transaction volume, while CTIN Pay, established in 2016, operates with an Intermediary Payment Service license issued by Vietnam's central bank. Yahoo Finance has more here.
• Malaysia-based proptech firm LiveIn has acquired KoolKost, a long-term accommodation sub-brand owned by RedDoorz, for an undisclosed amount, expanding its footprint in Indonesia with 27 properties across six cities. The acquisition includes integrating KoolKost into LiveIn's portfolio while maintaining its brand, with plans to align the properties across LiveIn's different accommodation tiers from budget to premium. Co-founder and CEO Keek Wen Khai highlighted the strategic move as a way to enhance housing accessibility for young people and deliver strong returns for property owners. e27 has more here.

Private Equity

• Mekong Capital has acquired a 13.74% stake in Vietnam-based TNH Hospital through its $246-million Mekong Enterprise Fund IV. TNH, which operates a private hospital in Thai Nguyen and is expanding with two more facilities, aims to establish a nationwide healthcare ecosystem with 10 hospitals by 2030. This marks Mekong Capital’s first hospital investment after years of searching, adding to its healthcare portfolio, which includes Entobel, LiveSpo, Gene Solutions, and Pharmacity. Private equity interest in Vietnam’s healthcare sector remains strong, with recent significant investments such as GIC’s $135 million funding for Nhi Dong 315 and Warburg Pincus’s investment in Xuyen A. Vietnam News has more here.
• Excelsior Capital Vietnam Partners (ECVP) has invested in local restaurant operator Aladdin, which runs 46 restaurants across Hanoi and Ho Chi Minh City under three brands and aims to expand to 100 locations by 2025. This investment comes as F&B deals in Vietnam rebound post-pandemic. ECVP recently closed the first round of its $200-million second fund, backed by institutions like the European Investment Bank and IFC. Meanwhile, Vietnam’s F&B sector is seeing increased activity, with deals such as Golden Gate’s acquisition of The Coffee House and Masan Group’s $270 million investment in Phuc Long Heritage. DealStreetAsia has more here.

Venture Capital

• SmartSolar, a Ho Chi Minh City-based energytech startup, has raised $1.85 million in seed funding from Picus Capital, 2degrees, and Iterative to build financing infrastructure for equipping SMEs with solar energy. Founded by former McKinsey consultant Kevin Junker, the company aims to decarbonize Southeast Asia's power grid, starting with rooftop solar installations, and claims to already have almost 1MWp of installed capacity across dozens of business customers in Vietnam. Lead investor Picus Capital expressed excitement about SmartSolar's approach to supplying clean and inexpensive power to the region, with plans for the company to expand across the EnergyTech stack to provide comprehensive energy solutions for SMEs. Vietnam Investment Review has more here.
• BetterX, a Singapore-based digital asset B2B platform, has raised S$2 million in a pre-Series A funding round with support from new and existing investors including Aura Group, Tibra, Grand Prix Capital, and others. The company, which is already profitable in its Australian operations, plans to use the funds to expand into Asia, the Middle East, and the United States. BetterX provides institutional-grade infrastructure for financial advisers to securely access, trade, and manage digital assets, addressing key challenges in the digital asset space such as security, custody, and regulatory compliance. DealStreetAsia has more here.
• SpaceIn, a Malaysian startup developing locally-made satellites, has received investment from 1337 Ventures to reduce the nation's reliance on foreign technology and establish Malaysia as a competitive player in the global space economy. Led by Dr. Norilmi Amilia Ismail, the company plans to advance its SpaceANT system, test its payload in orbit by Q4 2025, and expand operations into Brunei. Following the successful launch of Malaysia's first pico satellite in 2023, SpaceIn aims to deliver innovative satellite IoT solutions and drive digital transformation across Southeast Asia. TechNode Global has more here.
• Indonesia-based Elevarm has secured $2.6 million in seed funding led by Insignia Ventures Partners to scale its integrated farming productivity platform and support smallholder farmers. The startup aims to democratize access to high-quality agricultural inputs by tripling its seedlings and organic fertilizer production capacity, with a growing base of over 13,000 agricultural partners and 5,000 active farmers. Founded in 2022, Elevarm plans to invest in its NextBio R&D engine, expand its greenhouse space, and develop new organic products to improve crop yields and support the agricultural ecosystem in Indonesia. AsiaTechDaily has more here.
• Singapore-based biotech startup Chitose Bio Evolution has raised $49 million from Japanese investors, including Sumitomo Mitsui Banking Corporation, Mizuho Bank, and Shiseido. The funds will support the development of bio-products using microorganisms and cells, expand production capacity, and prepare for a planned Nasdaq IPO in 2027. Chitose aims to scale its CHITOSE Carbon Capture Central (C4) facility from 5 hectares to 100 hectares, with a long-term goal of reaching 10 million hectares by 2050. The company is driving the global bioeconomy through its MATSURI initiative, focusing on sustainable microalgae biomass production. TechNode Global has more here.

Venture Debt

• Okapi Technologies, a Malaysian climate fintech startup, has secured up to $2 million in debt financing from Aquila to expand solar energy adoption in Southeast Asia. The funding will help Okapi address financing challenges for homeowners and small businesses by offering innovative solar leasing solutions and supply chain financing. With over 200 solar power systems financed and 50 installer-partners across Malaysia, Philippines, and Indonesia, Okapi aims to accelerate the green transition by enabling zero upfront financing plans. The partnership with Aquila reflects a shared commitment to revolutionizing sustainable finance through technology-driven financial solutions. TechInAsia has more here.

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